TSB's Take

The Indian Economy has indeed gone through a roller coaster ride in the past few years: from touching greater heights in the pre-covid period to undergoing depression as covid set out to negatively impact the economy and people of the nation. There have been periods of downward trajectory in growth. However lately, we have observed that there seems to be an up-ticking growth. The fiscal year 2020-21 witnessed the worst performance ever of the Indian economy, the GDP shrank by an overwhelming rate of 7.3%. The last time Indian Economy contracted was in 1979- 80 by 5.2% when global oil prices went sky high. As the reality of disappointments set in with the performance in 2020-21, the resurrection of the economy was postponed to 2022-23. With heightened anticipation surrounding this New Year, the Union Budget for the financial year 2022-23 is one for which everyone has an eye. Let’s take a look at a few statistics and what we can expect from the government.